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Investments of Operating Entities and Consolidated Funds - (Tables)
 12 Months Ended
Dec. 31, 2022
Investment Holdings [Line Items]  
Marketable Securities As of December 31, 2022 and 2021, securities owned, at fair value consisted of the following:
As of December 31,
 20222021
 (dollars in thousands)
Common stock$1,802,082 $2,425,993 
Preferred stock196,807 137,757 
Warrants and rights59,051 46,459 
Government bonds113,529 16,002 
Corporate bonds219,316 21,468 
Convertible bonds13,479 5,250 
Term loan (*)12,468 4,121 
Trade claims (*)5,440 2,988 
Private investments2,022 704 
$2,424,194 $2,660,742 
(*)The Company has elected the fair value option for securities owned, at fair value with a fair value of $7.9 million and $7.1 million as of December 31, 2022 and 2021, respectively.
Schedule of Derivative Instruments
The Company's long and short exposure to derivatives is as follows:
Receivable on derivative contractsAs of December 31,
20222021
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Currency forwards$7,817 $44 $10,727 $80 
Equity swaps$1,460,575 644,912 $1,950,181 305,370 
Options (a)116,707 31,385 217,393 61,219 
Interest rate swap (c)$— — $285,000 1,208 
Netting - swaps (b)(181,650)(81,742)
$494,691 $286,135 
Payable for derivative contracts
As of December 31,
20222021
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Futures$— $— $9,378 $266 
Currency forwards$212,485 2,915 $149,575 1,346 
Equity swaps$1,377,169 218,747 $988,329 114,689 
Interest rate swaps (c)$400,000 218 $— — 
Options (a)98,069 9,466 182,440 36,192 
Netting - swap (b)(161,681)(92,330)
$69,665 $60,163 
(a) Includes the volume of contracts for index, equity, commodity future and cash conversion options.
(b) Derivatives are reported on a net basis, by counterparty, when a legal right of offset exists under an enforceable netting agreement as well as net of cash collateral received or posted under enforceable credit support agreements. See Note 2f for further information on offsetting of derivative financial instruments.
(c) Interest rate swap offsetting the Company's floating rate debt on the Company's term loan. See Note 16.
The following tables present the gross and net derivative positions and the related offsetting amount, as of December 31, 2022 and 2021. This table does not include the impact of over-collateralization.
Gross amounts offset on the Consolidated Statements of Financial Condition (a)
Net amounts included on the Consolidated Statements of Financial Condition
Gross amounts not offset in the Consolidated Statements of Financial Condition
Gross amounts recognizedFinancial instruments (a)Cash Collateral pledged (a)Net amounts
(dollars in thousands)
As of December 31, 2022
Receivable on derivative contracts, at fair value$676,341 $181,650 $494,691 $8,227 $426,168 $60,296 
Payable for derivative contracts, at fair value231,346 161,681 69,665 2,922 — 66,743 
As of December 31, 2021
Receivable on derivative contracts, at fair value$367,877 $81,742 $286,135 $1,421 $211,442 $73,272 
Payable for derivative contracts, at fair value152,493 92,330 60,163 2,839 — 57,324 
(a)Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
Schedule of Other Investments
As of December 31, 2022 and 2021, other investments included the following:
As of December 31,
 20222021
 (dollars in thousands)
Portfolio funds, at fair value (1)$132,285 $137,986 
Carried interest (2)65,892 88,925 
Equity method investments (3)27,006 47,200 
$225,183 $274,111 
Schedule of Other Investments, Portfolio Funds The portfolio funds, at fair value as of December 31, 2022 and 2021, included the following:
As of December 31,
20222021
(dollars in thousands)
HealthCare Royalty Partners LP (a)(*)$578 $832 
HealthCare Royalty Partners II LP (a)(*)1,256 1,259 
Eclipse Ventures Fund I, L.P. (b)5,361 5,829 
Eclipse Ventures Fund II, L.P. (b)2,441 2,354 
Eclipse Continuity Fund I, L.P. (b)1,587 1,641 
Starboard Value and Opportunity Fund LP (c)(*)43,958 49,252 
Starboard Value and Opportunity Fund Ltd (c) (*)2,434 2,732 
Lagunita Biosciences, LLC (d)2,264 5,671 
Starboard Leaders Fund LP (e)(*)2,882 2,823 
Formation8 Partners Fund I, L.P. (f)16,379 20,992 
BDC Fund I Coinvest 1, L.P. (g) 1,250 1,250 
Difesa Partners, LP (h) 919 1,017 
Cowen Sustainable Investments I LP (i)(*)17,004 13,102 
Cowen Healthcare Investments II LP (i) (*)11,645 13,055 
Cowen Healthcare Investments III LP (i)(*)7,680 8,426 
Cowen Healthcare Investments IV LP (i)(*)3,397 1,071 
Eclipse SPV I, LP (j)(*)1,445 1,445 
TriArtisan ES Partners LLC (k)(*)2,083 1,805 
TriArtisan PFC Partners LLC (l)(*)1,163 1,112 
Ramius Merger Fund LLC (m)(*)1,711 1,692 
Gaingels 10X Capital Diversity Fund I, LP (n)(*)600 — 
HCRX Holdings, L.P. (o)(*)3,829 — 
Other private investment (p)(*)121 303 
Other affiliated funds (q)(*)298 323 
$132,285 $137,986 
* These portfolio funds are affiliates of the Company.
The Company has no unfunded commitments regarding the portfolio funds held by the Company except as noted in Note 27.
(a)HealthCare Royalty Partners, L.P. and HealthCare Royalty Partners II, L.P. are private equity funds and therefore distributions will be made when cash flows are received from the underlying investments, typically on a quarterly basis.
(b)Each of Eclipse Ventures Fund I, L.P., Eclipse Ventures Fund II, L.P. and Eclipse Continuity Fund I, L.P. are venture capital funds which invests in early stage and growth stage hardware companies. Distributions will be made when the underlying investments are liquidated.
(c)Starboard Value and Opportunity Fund LP and Starboard Value and Opportunity Fund Ltd are hedge funds with a focused and fundamental approach to investing in publicly traded US companies. Both funds permit quarterly withdrawals upon 90 days' notice.
(d)Lagunita Biosciences, LLC, is a healthcare investment company that creates and grows early stage companies to commercialize impactful translational science that addresses significant clinical needs, is a private equity structure and therefore distributions will be made when the underlying investments are liquidated.
(e)Starboard Leaders Fund LP does not permit withdrawals, but instead allows terminations with respect to capital commitments upon 30 days' prior written notice at any time following the first anniversary of an investor's initial capital contribution.
(f)Formation8 Partners Fund I, L.P. is a private equity fund which invests in early stage and growth transformational information and energy technology companies. Distributions will be made when the underlying investments are liquidated.
(g)BDC Fund I Coinvest 1, L.P. is a private equity fund focused on investing in growth companies in industries disrupted by digitization. Distributions will be made when the underlying investments are liquidated.
(h)Difesa Partners, LP permits semi-annual withdrawals occurring on or after the anniversary of initial contribution upon 90 days written notice.
(i)Cowen Sustainable Investments I LP, Cowen Healthcare Investments II LP, Cowen Healthcare Investments III LP and Cowen Healthcare Investments IV LP are private equity funds.  Distributions are made from the fund when cash flows or securities are received from the underlying investments. Investors do not have redemption rights.
(j)Eclipse SPV I, L.P. is a co-investment vehicle organized to invest in a private company focused on software-driven automation projects.  Distributions will be made when the underlying investments are liquidated.
(k)TriArtisan ES Partners LLC is a co-investment vehicle organized to invest in a privately held nuclear services company. Distributions will be made when the underlying investment is liquidated.
(l)TriArtisan PFC Partners LLC is a co-investment vehicle organized to invest in a privately held casual dining restaurant chain. Distributions will be made when the underlying investment in liquidated.
(m)Ramius Merger Fund LLC permits monthly withdrawals on 45 days prior notice.
(n)Gaingels 10X Capital Diversity Fund I, LP is a venture capital fund that primarily invests in portfolio companies embracing diversity and inclusion. Distributions will be made when the underlying investments are liquidated.
(o)HCRX Holdings, L.P. is a private operating company focusing primarily on healthcare royalty investments. Distributions upon realization will be made upon an investor's election subsequent to January 1st, 2026.
(p)Other private investment represents the Company's closed end investment in a portfolio fund that invests in a wireless broadband communication provider in Italy.
(q)The majority of these investment funds are affiliates of the Company or are managed by the Company and the investors can redeem from these funds as investments are liquidated.
Carried Interest
The carried interest as of December 31, 2022 and 2021, included the following:
As of December 31,
20222021
(dollars in thousands)
Cowen Healthcare Investments II LP$19,112 $23,327 
Cowen Healthcare Investments III LP25,671 18,523 
Cowen Sustainable Investments I LP— 7,436 
Cowen Sustainable Investments Offshore I LP— 9,196 
CSI I Prodigy Co-Investment LP1,000 2,436 
CSI PRTA Co- Investment LP3,677 9,535 
TriArtisan TGIF Partners LLC4,290 4,047 
TriArtisan ES Partners LLC4,475 3,401 
TriArtisan PFC Partners LLC7,277 9,394 
TriArtisan SBE Partners LLC358 — 
Ramius Multi-Strategy Fund LP— 587 
Ramius Merger Fund LLC 32 861 
RCG IO Renergys Sarl— 136 
Other affiliated funds— 46 
$65,892 $88,925 
Schedule Equity Method Investments The following table summarizes equity method investments held by the Company:
As of December 31,
20222021
(dollars in thousands)
Starboard Value LP$20,806 $36,889 
HealthCare Royalty GP III, LLC 1,631 1,957 
HCR Canary Fund GP, LLC319 458 
HealthCare Royalty GP IV, LLC1,923 1,716 
RCG Longview Debt Fund IV Management, LLC391 331 
HCR Overflow Fund GP, LLC578 839 
 HCRP MGS Account Management, LLC 472 598 
HCR Stafford Fund GP, LLC— 2,955 
HCR Potomac Fund, L.P.— 925 
HCRX Master GP375 — 
Other511 532 
$27,006 $47,200 
Schedule of Securities Sold, Not yet Purchased As of December 31, 2022 and 2021, securities sold, not yet purchased, at fair value consisted of the following:
As of December 31,
 20222021
 (dollars in thousands)
Common stock$910,458 $1,192,396 
Corporate bonds31 37 
Preferred stock3,085 9,009 
Warrants and rights— 6 
$913,574 $1,201,448 
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings
The following tables present the contractual gross and net securities borrowing and lending agreements and securities sold under agreements to repurchase and the related offsetting amount as of December 31, 2022 and 2021.
Gross amounts not offset on the Consolidated Statements of Financial Condition
Gross amounts recognized, net of allowance
Gross amounts offset on the Consolidated Statements of Financial Condition (a)
Net amounts included on the Consolidated Statements of Financial Condition
Additional Amounts AvailableFinancial instrumentsCash Collateral pledged (b)Net amounts
(dollars in thousands)
As of December 31, 2022
Securities borrowed$1,298,056 $— $1,298,056 $— $1,244,834 $— $53,222 
Securities loaned1,199,838 — 1,199,838 — 1,199,838 — — 
Securities purchased under agreements to resell121,718 — 121,718 — 120,953 — 765 
Securities sold under agreements to repurchase133,130 — 133,130 — 133,130 — — 
As of December 31, 2021
Securities borrowed1,704,603 — 1,704,603 — 1,652,007 — 52,596 
Securities loaned1,586,572 — 1,586,572 — 1,586,572 — — 
Securities sold under agreements to repurchase$63,469 $— $63,469 $— $63,469 $— $— 
(a)Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
(b)Includes the amount of cash collateral held/posted.
Investments Classified by Contractual Maturity Date
The following tables present gross obligations for securities loaned and securities sold under agreements to repurchase by remaining contractual maturity and class of collateral pledged as of December 31, 2022 and 2021:
Open and OvernightUp to 30 days31 - 90 daysGreater than 90 daysTotal
(dollars in thousands)
As of December 31, 2022
Securities loaned
    Common stock$992,173 $— $— $— $992,173 
    Corporate bonds207,665 — — — 207,665 
Securities purchased under agreements to resell
    Corporate bonds121,718 — — — 121,718 
Securities sold under agreements to repurchase
    Corporate bonds72,474 60,656 — — 133,130 
As of December 31, 2021
Securities loaned
    Common stock1,570,835 — — — 1,570,835 
    Corporate bonds15,737 — — — 15,737 
Securities sold under agreements to repurchase
    Common stock$— $20,906 $42,563 $— $63,469 
Fair Value, Concentration of Risk
Investment's percentage of the Company's stockholders' equity
IssuerSecurity TypeCountryIndustryPercentage of Stockholders' EquityMarket Value
(dollars in thousands)
As of December 31, 2022Polysign, IncPreferred - Series B and CUnited States of America Financial Technology5.37 %$57,165 
As of December 31, 2021Linkem S.p.A.Equity and warrantsItalyWireless Broadband8.22 %$83,537 
Consolidated Funds  
Investment Holdings [Line Items]  
Schedule of Other Investments, Portfolio Funds
Investments in portfolio funds, at fair value
As of December 31, 2022 and 2021, investments in portfolio funds, at fair value, included the following:
As of December 31,
20222021
(dollars in thousands)
Investments of Enterprise LP$49,832 $99,067 
$49,832 $99,067